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Officials: Auto bailout plan forces out General Motors' CEO
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| Contributor | kal |
| Last Edited | kal Mar 29, 2009 05:21pm |
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| Category | General |
| Media | Newspaper - USA Today |
| News Date | Sunday, March 29, 2009 11:20:00 PM UTC0:0 |
| Description | General Motors Chairman and CEO Rick Wagoner will step down immediately at the request of the White House, administration officials said Sunday. The news comes as President Obama prepares to unveil additional restructuring efforts designed to save the domestic auto industry.
The officials asked not to be identified because details of the restructuring plan have not yet been made public. On Monday, Obama is to announce plans to restructure GM and Chrysler in exchange for additional government loans. The companies have been living on $17.4 billion in government aid and have requested $21.6 billion more.
Wagoner, 56, joined the company in 1977, serving in several capacities in the U.S., Brazil and Europe. He has been chairman and chief executive since May 1, 2003.
Obama said Sunday that GM and Chrysler and all those with a stake in their survival need to take more hard steps to help the struggling automakers restructure for the future.
In an interview with CBS' Face the Nation broadcast Sunday, Obama said the companies must do more to receive additional financial aid from the government.
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